- Music equipment retailer Gear4music warned on performance after first half profit slumped amid longer-than-expected Brexit related supply chain challenges.

The company said it was trading below FY22 consensus market expectations, with the Board now expecting that FY22 earnings before interest, taxes, depreciation and amortisation, or EBITDA, would be not less than £12 million.

Ahead of the results, market expectations for annual revenue was £156.6 million and EBITDA was £14 million.

For the six months ended 30 September 2021, pre-tax profit fell to £1.9 million from £5.8 million year-on-year as revenue slipped 8% to £64.7 million.

The weaker performance was blamed on 'Brexit related supply chain challenges are persisting for longer than we had previously anticipated, and European Q3 sales to date have been slower than previously expected.'

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